John H. Dasburg to serve as independent Lead Director; Clarence Otis,
Jr. joins Board
Company Website:
http://www.travelers.com/
NEW YORK -- (Business Wire)
The Board of Directors of The Travelers Companies, Inc. (NYSE: TRV)
announced that it has unanimously elected Alan D. Schnitzer, the
company’s Chief Executive Officer, as its next Chairman, effective
immediately. He succeeds John H. Dasburg, who will assume the position
of independent Lead Director, a role he held prior to becoming Chairman.
Dasburg said, “During this time of unprecedented change for the
insurance industry, the Board believes that the company and its
shareholders are best served by combining the roles of Chairman and CEO.
Since Alan became CEO, the company has strengthened its competitive
advantages and meaningfully advanced its strategic digital and
innovation agendas while continuing to deliver industry-leading
financial results. Alan’s vision will guide the company in remaining an
industry leader and seizing the opportunities that change presents.”
Schnitzer said, “I am honored and grateful for the Board’s support and
confidence to succeed John as Chairman. John played an important role
following the loss of our former Executive Chairman Jay Fishman. I am
thankful for John’s leadership and pleased that the Board will continue
to benefit from his insight and guidance.”
Schnitzer added, “With the support of the Board, I look forward to
continuing to work with the senior leadership team as we build upon our
strong track record of delivering meaningful shareholder value.”
The Board also announced that it has elected Clarence Otis, Jr. to the
Board of Directors, effective immediately, increasing the number of
directors from 12 to 13. Otis has been appointed as a member of the
Compensation, Investment and Capital Markets and Nominating and
Governance Committees. Otis is the former Chairman and CEO of Darden
Restaurants, Inc.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto,
home
and business.
A component of the Dow Jones Industrial Average, Travelers has
approximately 30,000 employees and generated revenues of approximately
$28 billion in 2016. For more information, visit www.travelers.com.
Forward-Looking Statement
All statements in this press
release, other than statements of historical facts, are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Actual results of matters addressed in these
forward-looking statements involve risks and uncertainties and may
differ substantially from those expressed or implied. Some of the
factors that could cause actual results to differ are discussed under
the headings “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in the company’s most
recent Form 10-K filed with the Securities and Exchange Commission (SEC)
on February 16, 2017, as updated by its periodic filings with the SEC.
The forward-looking statements in this release speak only as of the date
of this release, and we undertake no obligation to update any
forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170802005369/en/
Contacts:
The Travelers Companies, Inc.
Investors:
Gabriella
Nawi, 917-778-6844
gnawi@travelers.com
or
Media:
Patrick
Linehan, 917-778-6267
plinehan@travelers.com
Source: The Travelers Companies, Inc.
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